This bill aims to limit the application fees that residential landlords can charge prospective tenants. Specifically, it prohibits landlords from requiring an application fee that exceeds the actual cost of a credit check or related services, with a maximum fee set at $30. If the costs incurred by the landlord for these services exceed $30, they are still restricted to charging only $30 as the application fee.

Additionally, the bill establishes penalties for landlords who violate this provision. A landlord found in violation will be liable for a $250 penalty, which can be enforced through summary proceedings by the Commissioner of Community Affairs or the Attorney General. Furthermore, applicants for rental properties have the option to pursue a separate cause of action in court, allowing them to recover the $250 penalty along with reasonable attorneys' fees or expenses. The bill is set to take effect four months after its enactment.